The problem with Emunie, as I talked about in the IOTA thread, is that any system that doesn't have permanent coin turnover via mining, removes mining completely, or puts some type of abstraction layer between mining and block reward (as in the case of IOTA), is a permissioned ledger. People got too caught up in trying to improve on consensus mechanisms and forgot what actually constitutes a decentralized currency in the first place.
When Maxwell said he "proved mathematically that Bitcoin couldn't exist" and then it did exist, it was because he didn't take open entropy systems into account. He already knew stuff like NXT or Emunie could exist, but nobody actually considered them to be decentralized. They're distributed but not decentralized. Basically stocks that come from a central authority and then the shareholders attempt to form a nash equilibrium to...siphon fees from other shareholders in a zero sum game because there is no nash equilibrium to be had by outsiders adopting a closed entropy system in the first place...
Take for example the real world use case of a nash equilbrium in finance. There's many rival nations on earth and they're all competing in currency wars, manipulating, devaluing, etc. They would all be better off with an undisputed unit of account that the other can't tamper with for trade. In order to adopt said unit, it would have to be a permissionless system that each nation has access to where one of the group isn't suspected to have an enormous advantage over the others, otherwise they would all just say no.
This is why gold was utilized at all. Yea, some territories had more than others, but nobody actually knew what was under the ground at the time. Everyone just agreed it was scarce, valuable, and nobody really had a monopoly on it. There are really no circumstances where people on an individual level or nation-state level can come together to form any kind of nash equilibrium in a closed entropy system. The market is cornered by design, and for value to increase, others need to willingly submit to the equivalent of an extortion scheme. The only time systems like that have value at all is when governments use coercion to force them onto people.